June 30, 2015
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DESPITE the Free National Movement’s suggestions on the campaign trail that the now unsealed Baha Mar documents may have been troubling, Attorney General Carl Bethel said Thursday that the documents contain nothing “unusual” that would prompt the government to renegotiate its terms.
FREE National Movement Leader Dr Hubert Minnis has pledged that his party will “engage and execute a real sale” of the Baha Mar resort “to a qualified and respectable purchaser who believes in Bahamians,” should the opposition party win the next general election.
PETER Lisosky was highly optimistic when he left his job in the United States in 2015 to work at Baha Mar.
ON THE heels of a murder spree in the capital, Graeme Davis, Chow Tai Fook Enterprises (CTFE) Bahamas president, yesterday suggested that if the Christie administration is unable to control crime, the country’s tourism product could be headed in a negative direction.
Baha Mar’s April 21 opening was yesterday branded “an election gimmick”, after it was confirmed that the acquisition by Chow Tai Fook Enterprises (CTFE) will not close until all construction work is completed.
OVER 1,500 people applied for and/or inquired about jobs with the once stalled Baha Mar mega resort yesterday, according to senior company officials, who said the numbers demonstrate that the company is making good on its promise to “generate a significant amount of jobs” in the country.
THE Baha Mar Claims Committee, established to oversee the payments of funds provided ex-gratia by the Export Import Bank of China (CEXIM), has paid in full the money owed to Bahamas Power & Light, Committee Chairman James Smith said yesterday.
FORMER Baha Mar Director Dionisio D’Aguilar declared yesterday that the recently announced prospective buyer of Baha Mar, Hong Kong-based Chow Tai Fook Enterprises, is “unsuited to invest in The Bahamas”.
AMID persistent questions on whether the government should have amassed substantial stamp tax from the transfer of ownership of the Baha Mar resort, a noted industry professional yesterday called on the Christie administration to be more transparent in explaining the inner workings of the resort’s sale to quash concerns over the extent of the government’s involvement with $3.5bn development.
Former foreign employees of Baha Mar have to wait until October 31 to see if they will recover what is owed to them, while their Bahamian counterparts have been reminded of the “take it or leave it” approach.
FORMER employees of Baha Mar will start receiving cheques from the Claims Committee established to administer payouts on September 27, according to a notice published yesterday.
JAMES Smith, former State Minister for Finance, head of the committee overseeing Baha Mar payouts, said yesterday that creditors owed up to half a million dollars are “likely” to be fully paid what they are owed.
PRIME Minister Perry Christie announced Monday night that the government and the Export Import (EXIM) Bank of China have entered into an agreement to have Baha Mar completed and sold to a “world-class hotel and casino operator”, with construction expected to resume in September.
IT is estimated that the government has lost $315m in tax revenue from the beleaguered Baha Mar resort due its opening delays and the court appointed receivership process, according to an economic impact report of the $3.5 billion property obtained by The Tribune.
Sarkis Izmirlian yesterday again sought to present himself as the ‘champion’ of Baha Mar’s unsecured Bahamian creditors, as he moved to push the $3.5 billion development into full liquidation.
AMID continued concern over the shuttered Baha Mar resort, Prime Minister Perry Christie revealed that two firms, one with ties to Bahamian investors, have been shortlisted as the court-appointed receivers of the project move closer to deciding which entity will acquire the $3.5bn West Bay Street development.
PRIME Minister Perry Christie must demand “face to face” talks with the president of China and “pressure” that country to find a resolution to the ongoing Baha Mar impasse as The Bahamas is set to face “critical” times because the resort remains closed, Tall Pines MP Leslie Miller said yesterday.
THE shuttered $3.5bn mega resort on Cable Beach continues to be a major challenge as the government pushes for greater urgency from its Chinese financiers the EXIM Bank, Prime Minister Perry Christie said yesterday.
PRIME Minister Perry Christie gave no indication yesterday when Baha Mar will finally remobilise and open, stressing instead that the issue is “extremely complicated.”
THE Free National Movement has called on Prime Minister Perry Christie to “be transparent” and reveal whether his administration was aware that the $3.5 billion Baha Mar resort was likely to miss its March 2015 opening deadline.
LOCAL officials preparing for an upcoming Inter-American Development Bank conference at Baha Mar said they have no concerns about the resort’s ongoing deadlock overshadowing the $6m event which will see 5,000 international delegates enter the country.
THE JUDGE presiding over the government’s winding-up petition of the stalled Baha Mar project was told yesterday that the initial two months granted to stakeholders to negotiate the property’s future was “over-ambitious” and unrealistic.
PRIME Minister Perry Christie said yesterday there are a “huge number” of internationally recognisable corporate names interested in investing in Baha Mar and he is doing “all he can” to ensure construction is restarted “very soon”.
TALKS between the parties involved in the stalled Baha Mar resort last week have been described as “constructive” and “another important step on the road to resolution” by the court appointed joint provisional liquidators.
TALKS between the parties involved in the stalled Baha Mar resort last week have been described as "constructive" and "another important step on the road to resolution" by the appointed Joint Provisional Liquidators (JPLs).
BAHA Mar’s court appointed joint provisional liquidators yesterday confirmed that the more than 2,000 employees of the stalled $3.5bn West Bay Street resort will be paid the salaries owed to them for this month.
EXECUTIVES and directors of the Bahamas Chamber of Commerce and Employers Confederation met with the joint provisional liquidators for Baha Mar this week in an effort to keep the lines of communication flowing between the business community and the stalled project.
SARKIS Izmirlian’s bid to retain control of the $3.5 billion Baha Mar project suffered a serious blow on Tuesday as the Delaware Bankruptcy Court dismissed virtually its entire Chapter 11 case.
Neil Hartnell suggests how to exploit the breathing space provided by the Supreme Court and resolve the 10-month impasse
SUPREME Court judge Justice Ian Winder has approved the goverment's petition for the appointment of provisional liquidators for the stalled Baha Mar resort development.
BAHA Mar’s proposed bankruptcy plan calls for the rejection of its construction contract and all other claims with China Construction America (CCA), and its parent company China State Construction Engineering Corporation (CSCEC), in a bid to restructure the stalled mega-resort.
FORMER Deputy Prime Minister Brent Symonette yesterday said he supports Tourism Minister Obie Wilchcombe in his calls for the government to suspend its winding up petition against Baha Mar, insisting that the government “continues to waste time that should be spent fixing the problem”.
JUSTICE Ian Winder said on Friday that he required two weeks to come to a decision on whether to grant - or strike out - the government’s winding up petition for the appointment of provisional liquidators to speed up completion of the stalled Baha Mar development.
THE morning session of the second day of arguments for the government's winding up petition against Baha Mar came to a close when the mega resort's legal team challenged the selection of the latest prospective provisional liquidators, Ernst and Young.
THE hearing in a Delaware court to determine whether Baha Mar’s Chapter 11 bankruptcy filing will be dismissed has been postponed until August 28.
A SUPREME Court judge has granted leave for Baha Mar to appeal his previous ruling not to recognise its ongoing Chapter 11 bankruptcy proceedings in the Bahamas.
THE Bahamas Chamber of Commerce and Employers Confederation has come out against the government’s efforts to wind up Baha Mar in the Supreme Court, expressing concern that this will not result in a speedy resolution to the resort’s issues.
THE success or failure of the Baha Mar resort will determine Prime Minister Perry Christie’s legacy, Free National Movement deputy leader Peter Turnquest said yesterday as he insisted that the nation’s chief ought to be more involved with the negotiations.
Resort wants local workers to finish building
DESPITE the government’s return to Beijing, Baha Mar developer Sarkis Izmirlian is seeking to strike a deal with its Chinese lender to cut the resort’s general contractor, China Construction America, out of negotiations and use Bahamian contractors to complete the project, according to a letter sent to Export-Import Bank of China obtained by The Tribune.
A government delegation led by Attorney General Allyson Maynard-Gibson will travel to China this weekend for the resumption of negotiations “aimed at the early completion and opening of the Baha Mar resort”, Prime Minister Perry Christie has announced.
CHINA Construction America (CCA) has served two separate notices of termination to its Baha Mar workers amid a continued deadlock over the future of the $3.5bn West Bay Street resort, a spokesperson of the company confirmed yesterday.
BAHA Mar has accused Prime Minister Perry Christie of misleading the country over the details of ongoing discussions in China and further jeopardising the future of the $3.5bn mega resort.
BAHA Mar employees can expect to receive their salaries for another two-week period despite difficulties obtaining payment details from the stalled mega-resort, Prime Minister Perry Christie confirmed yesterday.
Baha Mar will reduce its workforce to just 50 key employees essential to run a “skeleton operation” if it is unable to resolve the dispute with its Chinese partners by next Monday.
A DELEGATION from the Bahamas government is heading for China for two days of meetings next week between the parties involved in the ongoing negotiations over the Baha Mar resort.
MAJOR stakeholders in the multi-billion dollar Baha Mar resort development have been granted 12 days by a judge to negotiate a solution in getting the stalled project over the finish line.
BAHA Mar last night slammed the government for “concocting a sideshow for its own purposes” after the Christie administration accused the resort of being slow to provide necessary information, thus delaying salary payments to the resort’s employees.
THE deal brokered by Prime Minister Perry Christie to secure the additional funding necessary to complete the Baha Mar project would have required an equal capital injection from both resort CEO Sarkis Izmirlian and general contractor China Construction America, according to Tourism Minister Obie Wilchcombe.
BAHA Mar executives have shown “a great degree of disrespect” and “contempt” for the this country after reportedly blindsiding the government on its Chapter 11 bankruptcy filing which will without doubt spark a domino effect on the economy, former Deputy Prime Minister Brent Symonette said yesterday.
THE Baha Mar debacle proves the Bahamian government must establish performance bonds with the foreign developers and contractors it does business with in order to protect the interests of Bahamians, Tall Pines MP Leslie Miller said yesterday.
BAHA Mar President Thomas Dunlap said the path to bankruptcy was lined with extensive construction delays, repeated contract breaches, and other performance failures by an “inexperienced” contractor, China Construction America (CCA), according to court documents filed yesterday.